Amec Foster Wheeler Re-affirms Importance of Iraqi Market

In its results for 2015, published this morning, UK-based oil and gas engineer Amec Foster Wheeler re-affirmed the importance of the Iraqi market.

While it had no new contract wins to announce in Iraq over the past year, the company stated:

“Iraq remains an important market for us, as we support various IOCs as they develop the oil & gas fields in southern Iraq”.

Ian McHoul, Chief Financial Officer and interim CEO said:

“Our 2015 trading performance was in line with our November update …

“2016 is expected to be another year of challenging market conditions across upstream Oil & Gas and Mining.

“However, our exposure to a number of end markets, including downstream Oil & Gas, renewables and government work means we expect to see only a slight fall in like-for-like revenue, and a reduction in trading margins significantly less than the decline in 2015.”

Shares in Amec Foster Wheeler were up 7 percent in early trading, as the company announced plans to reduce its debt.